Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Swiss Re Estimates Kyrill Losses at $181 Million
Jan 26 2007 // Swiss Re’s preliminary estimates of its potential net losses from Windstorm Kyrill are around €140 million ($181 million) before tax. Its gross claims estimate is around €220 million ($284 million), but this is...
Swiss Re Backs Independent European Agency to Assess Nat Cat Risks
Jan 23 2007 // Swiss Re has issued a “focused report,” which assess the growth of the catastrophe bond market and calls for the establishment of an independent agency to “aggregate European claims data and provide the...
AIR Estimates Europe Storm Insured Losses at $5 to $10 Billion
Jan 22 2007 // Catastrophe risk modeler AIR Worldwide has issued a bulletin estimating insured losses from Winter Storm Kyrill (or Cyril) at between €4 billion and €8 billion ($5.18 billion and $10.37 billion). The GDV German...
Mercury General To Announce Q4 Results on Feb. 12
Jan 22 2007 // Los Angeles-based Mercury General Corp. will be hosting a webcast and investor conference call on its 2006 fourth quarter and 12-month results on Monday, Feb. 12, 2007. The conference call will be held 10 a.m. Pacific...
Biggest U.S. Property Cat Losses in 2006 Were Away From Coasts
Jan 19 2007 // Property casualty insurers increasingly steered clear of the water out of fear of catastrophe losses during the past year. But while they were keeping a wary eye on the coasts in 2006, and escaped relatively unscathed in...
AAIS Files Terrorism Loss Costs in Commercial Properties
Jan 19 2007 // The American Association of Insurance Services (AAIS) is introducing loss costs for pricing terrorism coverage in its Commercial Properties Program. A countrywide manual supplement filing, now underway, will substitute the...
Ind. Leads Country with Highest Catastrophe Losses in 2006
Jan 18 2007 // In a year where coastal states endured no major tropical storms, Indiana saw more property damage due to large weather events than any other state (in 2006), according to statistical firm the Insurance Services Office...
California Citrus Growers Face Big Losses as Cold Snap Continues
Jan 16 2007 // California’s $1 billion citrus industry suffered record-low temperatures this past weekend, and agriculture officials continue to worry about widespread crop destruction. Counties where most of the state’s...
LWCC Announces New Director of Safety & Loss Prevention
Jan 16 2007 // Louisiana Workers’ Compensation Corporation (LWCC) announced it has hired Bruce Lambert as director of safety and loss prevention. In this position, Lambert will oversee the strategic direction for LWCC’s loss...
Fla. Lawmakers Face Balancing Act in This Week’s Insurance Session
Jan 15 2007 // Florida lawmakers wish they could simply outlaw hurricanes. That would solve the state’s insurance crisis. Unfortunately, changing the weather seems easier than what legislators have on their hands. As they return to...
Consumer Federation: Insurers Increase Profit Levels by Overpricing Policies
Jan 8 2007 // National consumer organizations joined the Consumer Federation of America (CFA) today in Washington D.C. to release a new study concluding that the property/casualty insurance industry (which includes the nation’s...
Ark. starts insurance plan for low-income workers
Jan 8 2007 // Enrollment began Dec. 20, 2006, in Arkansas for a program partly paid by Medicaid dollars that will eventually offer insurance to 80,000 low-income workers. The Associated Press reported that health officials hope the...
Absence of hurricane losses proves beneficial to insurers’ bottomline
Jan 8 2007 // P/C industry posts $24.4 billion net gain on underwriting in first three quarters of 2006 Driven by a sharp decline in catastrophe losses from hurricanes and other natural disasters in 2006, the U.S. property/casualty...
Ark. starts insurance plan for low-income workers
Jan 7 2007 // Enrollment began Dec. 20, 2006, in Arkansas for a program partly paid by Medicaid dollars that will eventually offer insurance to 80,000 low-income workers. The Associated Press reported that health officials hope the...
Absence of hurricane losses proves beneficial to insurers’ bottomline
Jan 7 2007 // News Currents Driven by a sharp decline in catastrophe losses from hurricanes and other natural disasters in 2006, the U.S. property/casualty industry posted a $24.4 billion net gain on underwriting through nine months....
Safeco Estimates its Pacific Northwest Windstorm Losses at $20 Million
Jan 5 2007 // Seattle-based Safeco announced estimated after-tax catastrophe losses from the Pacific Northwest windstorm in Nov. and Dec. 2006 of $20 million, or $0.18 per diluted share. Pretax catastrophe losses from the storm are...
Report: Traffic Accidents’ Share of Workers’ Comp Losses Grows
Jan 3 2007 // Work-related injuries due to traffic accidents are relatively costly and are on the increase as a growing share of workers compensation loss costs. According to the National Council on Compensation Insurance Inc., the...
S&P Places Marsh & McLennan on CreditWatch
Dec 29 2006 // Standard & Poor’s Ratings Services placed its ‘BBB/A-2’ counterparty credit rating on Marsh & McLennan Cos. (MMC) on CreditWatch with developing implications. This action is in response to...
Munich Re Warns Insurers Against Nat Cat ‘Complacency’
Dec 29 2006 // While recognizing that economic losses from natural catastrophes were considerably lower in 2006 than in 2005, Munich Re warned the industry against becoming too complacent. In a bulletin on the reinsurer’s web site...
Absence of Hurricane Losses Proves Beneficial to Insurers’ Bottomline
Dec 27 2006 // Driven by a sharp decline in catastrophe losses from hurricanes and other natural disasters in 2006, the U.S. property/casualty industry posted a $24.4 billion net gain on underwriting through nine months. The net gain on...
